University:
Columbia University
Course:
UN 1105 | Principles of Economics
Academic year:

2023
Views:

139

Pages:

2
Author:

Adam B.

Chapter 2: ethics + Social Responsibility in business value Integrity moral principles honor Ethics honesty right choice fairness Conscience responsibility what is Ethics: the study of right wrong + the morality of the choices individvals make. ethics are defined by our up-bringing. religion. Culture, family etc. business ethical issues: business relationships With investors, employes, customers, suppliers Examples: •Investors want firms to make good financial decisions. customers: expect companys to provide products that are safe, rellable priced appriately. •employees: expect to be treated compensated fairly •Suppliers creditors: expect to be paid on time •competitors: expect other firm's to play fair, honest ethical issues: fairness honesty. organizational relationships. -conflict of interest. communication not hiring qualified minorites: woman, handicap..... individual ethical issues • personal goals • personal knowledge Social factors affecting ethics • cultural norms • actions/decisions of co-workers government roles in ethics • encourage ethical behaviors by enacting more stringent regulations -companies individual roles in encouraging ethics • code of ethics are perhaps the most effective way to encourage ethical behavior. code of ethics • a guide to acceptable + ethical behavior as defined by the organization employees with high personal ethics may take a controversial step called whistle-blowing. Whistle Blowing informing the press or government officials about unethical practices within an organization how does an individual assess ethical or unethical behaviors. 1- gather the relevant factual information. 2- analyze the facts to determine the most appropriate moral values. 3- make an ethical judgement based on how right or wrong the proposed activity or policy is.